Valuation of Solar Development Pipeline

31 Mar 2026 02:05 CEST

March 31, 2026

ZENITH ENERGY LTD.

Valuation of Solar Development Pipeline

Zenith Energy Ltd. ("Zenith" or the "Company") (LSE: ZEN; OSE: ZENA; XSAT: ZENA
SDR), the international energy production and development company is pleased to
announce that it has received an updated independent valuation of its Italian
solar development pipeline (the "Development Pipeline"). The valuation reflects
the continued expansion of the Company’s renewable energy portfolio and is based
on specific assumptions and currently available information.

Highlights

• Development Pipeline capacity increased to 173.5 MWp.
• Updated independent valuation of the Development Pipeline: EUR 54.7 million.
• Represents a 99% increase in valuation compared to EUR 27.5 million for 110.5
MWp, as announced on December 4, 2025.
• The valuation reflects a diversified portfolio spanning all development
stages, from land acquisition through to Ready-to-Build ("RtB") and construction
readiness.

Indicative value per MWp by development stage:

• Permitting phase (post land acquisition, pre-RtB): EUR 300,000 per MWp.
• Ready To Build (RtB) stage: EUR 500,000 per MWp.
• Operational (grid-connected and revenue generating): EUR 1,300,000 per MWp.


Cash Generation Strategy

Zenith has previously communicated its intention to monetise a portion of its
renewable energy portfolio from RtB stage onwards, once projects have achieved a
significant uplift in value.

The Company intends to sell a total of 50 MWp of assets between now and March
2027. This is expected to comprise approximately 20 MWp of operational assets,
valued at circa EUR 26 million, and 30 MWp of RtB assets, valued at circa EUR 15
million, for a combined total of approximately EUR 41 million.

Following these potential disposals, Zenith will retain a portfolio of at least
123.5 MWp, which it intends to progress into production. A portion of the
potential proceeds (expected to be approximately EUR 10 -12 million) will be
used to fund the associated capital requirements in their entirety with the
remainder funded by debt.
As disclosed in previous regulatory news announcements, Zenith intends to have
acquired at least 200 MWp of solar energy development assets before the close of
2026.


Andrea Cattaneo, Chief Executive Officer, commented:

"The updated independent valuation of EUR 54.7 million, compared to EUR 27.5
million announced on December 4, 2025, represents a near doubling in the value
of our solar portfolio in a very short period of time. This reflects both the
rapid expansion of our pipeline from 110.5 MWp to 173.5 MWp and the continued
advancement of our assets through key development milestones, significantly
enhancing their intrinsic value.

This valuation provides clear third-party validation of the strategy we have
executed in Italy, namely the acquisition of high-quality, geographically
clustered solar projects and their efficient progression through permitting,
Ready-to-Build status and ultimately into construction. It is particularly
encouraging to see the independent valuation quantify the substantial value
uplift achieved at each stage of the development cycle.

Recent events in the Middle East have driven Brent Oil Prices above $110 and
this has been reflected in Italian gas and electricity prices, highlighting the
critical importance of increasing Europe's domestic energy production.
I am highly encouraged by the pace and quality of progress across the portfolio
and believe that the Company’s current market valuation does not yet fully
reflect the underlying value being created. As we begin to monetise developed
assets through the sales process, we expect to generate significant, realisable
cash proceeds, further validating the strength and scalability of our strategy.”

Further Information:

Zenith Energy Ltd

Andrea Cattaneo, Chief Executive Officer

Tel: +1 (587) 315 1279
E: info@zenithenergy.ca


Notes to Editors:

Zenith Energy Ltd. is a revenue generating, independent energy company with
energy production, exploration and development assets in North Africa, the US
and Europe. The Company is listed on the London Stock Exchange Main Market (LSE:
ZEN), the Euronext Growth of the Oslo Stock Exchange (OSE: ZENA) and on the
Spotlight Stock Market in Sweden (XSAT: ZENA SDR).

Zenith's strategic focus is on pursuing development opportunities through the
development of proven revenue generating energy production assets, as well as
low-risk exploration activities in assets with existing production.

For more information, please visit: www.zenithenergy.ca

Twitter: @zenithenergyltd

LinkedIn: https://bit.ly/3A5PRJb


Market Abuse Regulation (MAR) Disclosure

The information included in this announcement is defined as inside information
pursuant to MAR article 7 and is publicly disclosed in accordance with MAR
article 17 and section 5 -12 of the Norwegian Securities Trading Act. The
announcement is made by the contact person.

More information:
Access the news on Oslo Bors NewsWeb site

669784_31.03.2026 Norway.pdf